2,016 ETH Worth $3M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 2,016.63 Ether (ETH) worth $3,263,084 was burned from Ethereum transactions on Wednesday. This follows the implementation of the Ethereum improvement proposal EIP-1159 in August 2021, which changed the fee model and introduced a variable base fee that is burned, reducing the supply of Ether. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency.
October 05, 2023 | 6:00 pm
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The burning of 2,016.63 Ether, worth $3,263,084, could potentially impact the price of ETH. The Ethereum 2.0 upgrade, which is expected to decrease the issuance rate of new Ether, could make ETH a deflationary currency, potentially increasing its value.
The burning of Ether reduces its supply, which could potentially increase its price due to the laws of supply and demand. Furthermore, the Ethereum 2.0 upgrade is expected to decrease the issuance rate of new Ether, which could make ETH a deflationary currency and further increase its value.
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